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Using data to provide Client Insights

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Accomplish are blazing the trail of improving Client Experience within Asset Management and have identified data and analytics one of the building blocks of CX

They have kindly asked us at TAR Solutions to share our recent experience in this area when an asset manager asked us to implement Client Insights for their firm as part of an effort to improve their Client Experience.

Andrew Watson, TAR Solutions

A Client Insight project

Our asset management client was one of the early adopters of the Accomplish CX Maturity Benchmark. They understood they had plenty of room for improvement in the way they served their clients. Therefore as part of becoming more client-centric, and subsequently giving a better Client Experience (CX), they engaged TAR Solutions to create Client Insight dashboards. The goal was to give those working in the firm a better understanding of their clients.

The expected project deliverables were two dashboards: a Client Snapshot and a Client Summary. They wanted the Client Snapshot to be a “one-pager” for a single client.

The target users of the Client Summary were account managers. We wanted this to be a one-page summary containing Key Performance Indicators (KPIs) for all their clients. This would include calls to action such as notifying a meeting is due, big moves in their investments, etc.

A requirement was for the dashboards to be embedded into their CRM (Salesforce). This was because many of the target audience spent much of their time in the CRM. Therefore, it was important to make it simple for those users to find the Client Insights dashboards.

In addition, the Client Snapshot also needed to fit cleanly on A4 paper; the expectation was users would download this and review on the way to see the client.

What we did 

To begin we had to identify what insights would be most useful and define the KPIs. We ran multiple workshops with many stakeholders across different business functions and different regions. 

At the end of this process the key project stakeholders prioritised which KPIs were most important. Based on the identified priorities we created a data sourcing and development plan.

Building the Insight dashboards

The Client Snapshot and Client Summary deliverables both differed from the initial expectation. It was the same reason for both – too many KPIs were requested to fit in the available space.

The Client Snapshot expanded to two pages while the Client Summary finished up as a call to action. Effectively a visual recommendation engine about which clients to contact. 

As with most data & analytics projects, this project was like an iceberg, with the bulk of the work unseen “below the waterline”. This posed a challenge to manage stakeholder expectations. Stakeholders like to see visible progress. However, the data sourcing, analysing and blending / joining process isn’t visible to business users. Therefore, communication is important to manage stakeholder expectations.

Displaying the client information back to the business

If you recall we had two requirements for the Client Insights; to appear within the CRM and to be downloadable to pdf. Therefore, we used Tableau for this project. Tableau Server has two benefits for the embedding and downloading requirements:

  1. The ease to embed and display elsewhere – for example to embed within a CRM.
  2. The ease to export the Client Snapshot to PDF – useful when on the way to visit a client.

We embedded the Client Snapshot on the Salesforce Account page. This included an Export button to provide a single click download to PDF.

The Client Summary dashboard provides information on multiple clients in one view. Therefore, displaying on the Salesforce Account page wasn’t suitable. Instead we created a new Salesforce “Client Summary” specific page to display this dashboard. For a CRM user everything they needed was in Salesforce.

What did this project achieve?

This project markedly improved the firm’s visibility of its investment, relationship, digital and service performance and, therefore, its ability to respond quickly and ‘get onto the front foot’ with clients in each of these areas.

What the project did give to the business were:

  1. Finding important client information was much quicker, giving obvious efficiency savings.
  2. Opportunities to defend assets, immediately impacting the bottom line.
  3. Better understanding of client engagement presented opportunities for new business.

In summary, it gave the business the opportunity to better serve its clients, which should have the effect of improving client experience.

Accomplish is currently researching this cause-and-effect relationship and, at TAR Solutions, we look forward to reading their findings.

TAR Solutions is a data and analytics consultancy specialising in the Financial Services industry. To learn more about the Client Insights project download the full paper from their website.

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Client Experience Asset Management
Adam Grainger

Adam Grainger

Asset management CX specialist. 20-year career in the investment industry – from Transformation Director roles, to regional COO positions.